CJ - Cryptocurrency Enthusiast
To "lead the way" in the cryptocurrency investment industry, the UK government has announced plans to issue a regional NFT. The Royal Mint, a government-owned company in charge of minting coins in the United Kingdom, has been ordered by Finance Minister Rishi Sunak to build a local NFT "by this summer."
The United Kingdom aims to become a "global leader" in crypto technology, thus it plans to build the required rules as well as legitimize stablecoins as a payment mechanism within the country.
"We shouldn't conceive of regulation as a static, inflexible entity," said Economic Secretary John Glen. Instead, we should think of regulatory 'code,' similar to computer code, that we may modify and replace as needed."
The ultimate goal is to establish the United Kingdom as a hub for worldwide crypto technology. By promptly regulating cryptocurrencies, the government can ensure financial stability and regulatory standards, making blockchain-based technology safe and dependable for everyday use.
The government wants to expand blockchain services, such as tax treatment for DeFi loans and staking.
"No one knows for sure how Web 3.0 will appear just yet." But there's a good likelihood that blockchain will play a role in its evolution." - John Glen emphasized.
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